Gift cards are now widely gifted away for birthdays, graduations, and any other “gift giving” events. They offer a convenient way to customize a personal gift while still enabling the recipient to use whatever they like.
Although gift cards are great for consumers, businesses are also starting to use gift cards. They usually sell gift cards both offline (sell them at their physical stores) and online. The best time to sell gift cards is during the holidays which can give the business the much needed boost in sales.
If you are a business entrepreneur, you should consider selling gift cards. If you have never tried offering gift cards before – or you might have already but still need some more insights to boost sales – below are some tips to guide you on how to sell gift cards.
How to sell gift cards
Shops love gift cards. You will be able to find gift cards at almost any shops – from the largest store chains to the smallest independent stores. The reasons for this are simple: first, selling a gift card ensures the store’s upfront sales; however, it is unsure whether or not anyone redeems the gift card. Shops get the money instantly, and this way they can only come out ahead. You will use the total value, leave the money on the table, or eventually purchase even more items. You are most likely going to spend some more, and now you are likely going to end up coming back as a repeat client.
If you have a physical store, there are several ways for your gift cards to be highlighted and promoted. Here are some suggestions to get you started:
- Use graphic displays and advertisements: To boost gift card revenues, give your gift cards the location next to the register. They can also be set up in changing rooms, waiting areas, pick-up counters or shop fronts. You can also display them on your signage – this can be on menu board or signs on the sidewalk.
Apparently, it is both easy and affordable to pull off something like this. There are several ready-to-use racks for gift cards, display cases, and holders you could use in your shop, and prices are reasonable – they just usually range from $3 to $20.
- Use receipts: you could include a callout to your gift cards to the receipts (you may attach as well as customize that sort of consumer-facing text to your receipts).
- Use multiple channels to market your gift cards: When disseminating awareness about your gift cards, cover all of your sales channels. In other words, if you convey and market your goods to customers through some channels, then on those same platforms or devices you could interact as well to market your gift cards.
- Strike a deal: Consider making a purchase sweeter by giving the individual who purchases the gift card a freebie. For instance, “Simply purchase a $30 gift card and have yourself a candle.” Or grant a gift card discount, just like selling a $100 gift card for $85.
- Connive with other shops to market gift cards: See whether you can get a little room for your gift card shelf in other stores. Reach out to local shops and see whether you can strike a deal with them. Maybe if you showcase their gift cards in your shop, they will also agree to promote yours.
- Be daring: Start making bold gift card design features to stand out. Try out a colorful logo or a amusing photo, or buy the season’s holiday-themed cards.
On the other hand, if you have your own personal website or domain, you should make sure that your eGift cards are in a noticeable space for customers to see. You may very well think about adding a banner or a pop-up message to attract clicks and generate interest. If e-commerce is integrated on your website, create a link to your order page for the eGift cards. You could also offer special deals and promo codes to be used for your eGift cards.
Aside from selling gift cards on your website, you can try to sell gift cards online through social media, such as Facebook or Instagram. You could even sell gift cards through a digital marketplace such as Etsy. These platforms are particularly useful when there are no e-commerce capabilities on your own website.
Tips and tricks to sell gift cards online instantly
If you plan to sell gift cards online or through an online marketplace, keep in mind it would really pay off if you do your research. There are a several websites specializing in buying your gift cards for a substantial percentage of their face value.
There are quite a number of websites in which you can sell gift cards in exchange for cash, and these websites are usually simple to navigate. After selecting a merchant and entering the amount you have on the gift card, you will receive an offer for cash back. You may or may not accept it.
Here are a couple of helpful hints to remember:
- Search around for websites that can help you to sell your gift cards. Make sure that you find a site that will be able to offer the best rate there is. Each site does have its benefits and drawbacks, so you will have to assess which one would be appropriate for your situation. When you want your gift card to get the best value, it is necessary to do your research.
- You can sell gift cards without the need to mail them. You can sell gift cards without sending them in. If the digital site will allow this, it would really save you a lot of time. Be sure though to check the sites — there is a possibility that you will be accepting a smaller payment for the ease of not mailing the card anymore.
- Study about fraud protection measures. Webpages need the gift card purchasers to be protected, so you may be requested to provide a copy of your valid id, credit card details, or any similar data.
- Carefully evaluate your choices for payment. Instant payments would perhaps end up leaving you with less money, but on the other hand, it may not be worth your time to be waiting for a check in the mail.
- Bear in mind the expiry date of your gift card. You may have problems selling it on a website or an online platform if your gift card has an expiration date. Just as you would not want a worthless gift card, no website wants to get burdened with selling an expired gift card.
Risks if you sell gift cards online
If you sell gift cards online in exchange for money, you can produce a decent amount of money. The method, nevertheless, is not without any potential risks. Be mindful of the possible drawbacks:
- During gift card auctions, you are not going to be paid until the gift cards sell. Eventually, you would get more money for it, but the downside of it is that the card might take time to sell. And if there is a need to mail your card first before it can be sold, the process will be prolonged even more.
- Fees or charges may be incurred. If you sell gift cards online at an online marketplace such as eBay, you might wind up paying a range of fees that will further drop the value of the gift card.
- There might be more risks if you opt for non-gift card sites. If you sell gift cards using social media such as Facebook, Instagram or Craigslist will entail major risks. Whilst that it is true that you might get more money for your card, but you basically would not be as protected whenever something goes wrong with the transaction.
- 3 of the Best Medication Tracking Apps That Won’t Let You Forget - June 18, 2020
- 6 Best Tips for Planning Stag and Hen Parties - June 11, 2020
- 5 Party Must Haves – A Small Checklist - May 27, 2020